Cryptocurrency has gradually become a public domain. We all know Bitcoin and some even know the less popular cryptocurrencies such as Ethereum, Litecoin, Ripple and so on. There are thousands of cryptocurrencies and the market has become huge. At Insidebitcoin, we can teach you how to identify the right currencies, as well as how they are traded, stored and resold – of course with as much profit as possible. Many of the professional investors are trading big in cryptocurrency at the moment, and with really good reason. When you hear about many of the “normal people” who have paid off their debts, bought a house and the like, it is typically due to a large and rapid cryptocurrency gain.
What is Bitcoin – All About the Most Important Cryptocurrency
Bitcoin is the world’s most famous cryptocurrency. It was featured in a white paper in 2008 by an unknown author using the pseudonym Satoshi Nakamoto.
The special thing about Bitcoin is that this currency is controlled and managed decentrally. This is in contrast to traditional fiat currencies such as the euro or the US dollar, whose monetary policy is controlled by a central bank. The success of bitcoin also lies in its clear dislike of central banks, which were heavily criticized by the 2007-2008 financial crisis. Bitcoin has a maximum issue of BTC 21 million, which is designed to avoid loss of monetary value (inflation). With Bitcoin, this is decided decentrally over many thousands of nodes in the Bitcoin network.
With Bitcoin, it is possible to send money to recipients all over the world within seconds without revealing their own name. In addition, Bitcoin is accepted as a means of payment by some shops and traders. However, most users use it for investment or investment.
Basics & Security
Of course, you can buy and send Bitcoin without knowing all the details of the Bitcoin blockchain. It is important to know the concept of bitcoin wallet. Bitcoins are stored in a wallet and can be sent to the wallet addresses of strangers, acquaintances or unknowns. If you install a wallet as an app on your smartphone, you will generate a wallet address. This is similar to an account number, who wants to send money, must know the wallet address of the recipient. Each wallet also includes a private key that must be kept secret. Many wallet providers manage this key for a user, so you don’t have to worry about it.
Actually, the Bitcoin blockchain is a digital and distributed account book in which all transactions with sender and receiver are recorded. Only senders and receivers are not known by name, but with their wallet address. The current account balance of each wallet is recorded in the Account Register. Then a user can only transfer or send those BTCs that really belong to him. All miners active on the network have the same current version of the Account Register stored on their computer, there is agreement on the current state of the account register. Through the mining process, all processed transactions are ranked and encrypted by cryptography are included in the blockchain.
Transactions via wallets
Bitcoins are stored in digital wallets, so-called wallets; Transactions take place between two wallets. A wallet always consists of a related key pair that includes a public and a private key. The public key is also the address of the Bitcoin wallet, it is needed for friends and acquaintances to send you Bitcoin. The private key is used to sign a transaction, but is never disclosed to other parties in this process. Signing proves that you are the owner of the wallet from which Bitcoin is sent. A signed transaction is confirmed and validated in the course of mining within just under 10 minutes. As the owner of a wallet, you must always keep your private key secret. If a hacker knows both keys, he could plunder a bitcoin wallet. It is important that a public key cannot be indented on its private key.
In the decentralized Bitcoin network, participants designated as nodes must decide in a joint vote whether a transaction is valid or not. The rules by which this is determined are called the consensus mechanism. This distributed process is referred to as mining in reference to gold mining. Transactions are organized in a chronological sequence and finally stored in a block. This block meets cryptographic rules, the block is encrypted using a mathematical hash function. Each block contains a reference to all previous blocks. This creates a chain of blocks (=blockchain), previous blocks cannot be edited. In mining, each active miner proposes a solution for the mathematical process of encryption, a miner is randomly selected. This process, known as proof-of-work, is energy-intensive, but stands for independence and censorship-free or tampering security. Selected users will be rewarded for their computing power with BTC as a mining reward.
THE ENTRY INTO BITCOIN TRADING
To begin trading, basic information about binary options should be available. However, everything that is necessary can quickly be found on our website. It should start with what Bitcoin is.
You can then go on to find a suitable broker for your preferences.
You can find our most popular items here:
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Advantages and disadvantages of Bitcoin
Less risk for companies: Bitcoin transactions are not reversible, such as PayPal or credit cards.B. In addition, no personal data is required for Bitcoin transactions, which is advantageous for the customer.
Independence: With Bitcoin, you are your own bank and have complete control over your money. You don’t have to rely on instances that could freeze your own money. No limits, no holidays, no time and local limits.
(Relatively) Low Fees and Fast Transactions: A Bitcoin Transaction basically takes only 10 minutes and that with low fees. Assuming the Bitcoin network is underutilized.
Volatility: Anyone who tracks the price of Bitcoin and other digital currencies knows that cryptocurrencies are extremely volatile. Certain events and activities can have a major impact on the price.
Novelty: Bitcoin and the technology is still novel and complex. Errors can creep in with new systems, this risk always exists.
Trust and acceptance: People need to trust Bitcoin so that the digital currency can establish itself as a means of payment.
Is it really possible to make money with the help of a software? Yes. Especially when it comes to the difficult part, i.e. the analysis as well as the assessment of market developments, the programmes are quite capable of grasping the most important facts as well as evaluating them – and in the shortest possible time.
You often hear it in the media: stories about perfectly normal people – a young student, single housewife or the carpenter from the province – who can suddenly pay off all their debts in one day.
When you hear these stories, you often think, what would I do if I got that kind of money? Am I going to buy that new car I dream of or go on a luxury trip?
But of course there is one important question: is it possible to make so much money in such a short time? And how?
The answer is both yes and no. It is certainly possible to make large sums of money in a short period of time, but of course this also entails a certain risk. And this is exactly where we come into view.
Anyone who works with the right tools and is able to take advantage of the opportunities offered by the market can undoubtedly make a lot of money. At Ibinaryoptionrobot, we teach you the different investment methods used by many of the professionals to optimize their income and market benefits.
Of course, we have saved the best for last – namely auto-commerce. Auto-trading consists of trading cryptocurrencies using a so-called cryptorobot, which trades through a smart, 100% automated trading algorithm. There are an incredible number of cryptorobot providers, all of which have special features – for example, some that trade exclusively on technical analysis such as order books, price graphs and the like, while others scan the news in milliseconds, and make trading decisions in the market before everyone else. However, there are also many “black sheep” on the market that only try to defraud you of your money – and of course you should stay far away from them. At Insidebitcoin, we have tested virtually all cryptorobots available on the market and have done everything processed for you.
So you don’t have to lift a finger to be able to use these tools like bitcoin lifestyle. It is also not necessary to be at the screen and follow the different courses, which usually ends with you getting tired and getting headaches from all the numbers that move up and down. If this sounds too good to be true, you’ll soon think again…
Trading robots in particular are not a new phenomenon in the world and they have been used for a number of years on the traditional stock exchanges. However, the community has not been able to use these because they have been limited to a small group of individuals who work with the trade in real time. While this has been going on, cryptocurrencies have gained momentum and given ordinary individuals the opportunity to shoe themselves into these lucrative markets. Suddenly, you have the opportunity to enter a world that has only been available to stock market sharks and companies that trade securities.
It is widely known that when you make transfers to third parties, you take immediate risks. Whether it’s a trading platform or a securities platform, the risks are the same. The cryptocurrency tradingmarket , using so-called robots, has not really existed as long as trading robots.
There is still some uncertainty about how things work and what happens in the event of an unforeseen event. The truth is that you can suffer great economic foresees if you don’t put your money right. Furthermore, there are many forms of fluctuations in this sphere because the crypto trade is completely unregulated, which can be likened a bit to the Wild West where everyone does what they want.
We at ibinaryoptionrobot.com aim to make a difference in this area. To get around this, we’ve compared several types of automated cryptorobots to find one that’s suitable for your needs. In other words, we’ve done all the research so that you can only pick and choose from the cryptorobots that you think suit you and your budget. With those said, we recommend you to take a look at our different cryptorobots and see what they have to offer!
Overview: The best trading robots in comparison
To make the comparison easier, we have compared the best trading robots from our test in this table:
How to trade using a Trading Robot?
If you have gained interest in automated trading, you should take a closer look here, how it comes to the first trade. We show in the following step-by-step guide using the example of Bitcoin Trader how the automated trading of cryptocurrencies works.
Step 1: Registration
This link takes you directly to the Bitcoin Trader registration form, where you must first provide your name and email address. Then click “next”.
In the next window, you set a password that is at least 6 characters long and contains numbers, lowercase and uppercase letters. Now they must set a password that must contain at least six characters. Finally, enter your phone number and click on the “Register now” button.
Step 2: The Deposit
After successful registration, investors have a direct look at the trading platform and their account.
Now they have to make the first deposit, the minimum deposit is 250 US dollars, i.e. about 210 Euros. Anyone who trades with a robot for the first time should also pay no more than the required minimum amount in order to keep the risk correspondingly within limits.
Deposit is possible by credit card such as Maestro, MasterCard or Visa, but PayPal or SOFORT transfer is also available. A direct transfer of Bitcoin is also possible.
Step 3: Trading
Once the deposit is in the account, the investor can give the start of trading by clicking on the corresponding button. However, it is recommended to adjust the settings to your own risk profile and, if necessary, even test them in demo mode.
Those who have done this and are satisfied with the trading results will have a relatively small effort from this point on. Because he only has to enter some framework conditions such as the trading volume and the limits for stop loss and take profit. The robot should then be monitored during its work and the parameters should be adjusted if necessary.
Trading Robots Pros and Cons?
Of course, there are people who can make a living from trading these days – even if only part of the monthly costs are covered by profits, you can already see yourself as a winner. But every traderwho has been successful and has remained on the course of success in the end has a rocky and cobbled path with losses.
Of course, it may be understandable at this point if a trader who is just at the beginning of his journey wishes to be able to make profits with the help of the autopilot.
In the end, we would also save on further training, would not have to deal with technical and fundamental analyses, and would not be afraid of high losses. By the way, earning money online and getting rich and staying successful? A wishful thinking.
- An advantage is the fact that even the beginners are able to get started relatively easily and without problems.
- Another advantage is the time saving,which should not be underestimated.
- In addition, the trading robot is based on current events and is not guided by feelings.
- However, one must not believe that the trading robot is always correct with its assessment – probably also because the parameters are determined by the trader.
- Furthermore, one must not overlook the fact that there are of course also “black sheep” who pursue only one goal: the trader should be pulled the money out of his pocket.
Nowadays, trading robots are already able to scan the charts in a certain way – here the trader can no longer keep up due to physical limitations.
Furthermore, the robots cannot be guided by emotions:Through the implanted trading signals, the software knows when it is advisable to open a position or to behave calmly – so feelings do not matter at all here.
A good trading robot presents solutions even then, although there is no actual trend direction. In the end, the robot always follows the best trends, so that dangers can be reduced and chances of winning increased.
How effective are trading robots for cryptocurrencies?
Even if the trading robots promise that advantageous deals will be realized, they do not always have to meet the expectations of traders. Furthermore, there are also numerous traders who believe that behind the trading robots there are almost exclusively scammers who only want to take the money out of the users’ pockets in the end.
Particularly interesting here is the actions of many Bitcoin trading robots providers who claim that the competition is pursuing fraudulent activities – so can a basis of trust be built up between the provider and the trader if one accuses one another within the industry of fraud?
Trading Robots vs. Automated Trading at Brokers
Every day, new trading robots are launched – so many traders lose track of the situation and often don’t even know which offer to accept. In the end, the platform promise high profits and low risk. It is important to make a comparison so that you can find out which services are offered.
The following should be taken into account in the course of the comparison:
- Is there a free demo account?
- Is a regulated broker available?
- How many account types are there?
- What assets, tools or settings can be used?
- Is a download of a specific Auto Trading software required?
- Is there a possibility of mobile online commerce?
Are you ready to start investing in cryptocurrencies – either manually or using cryptorobots and automated trading? Then you’ve ended up on the right website – we have everything you could need to start making money from investments. Welcome to Ibinaryoptionrobot.com.
Frequently asked questions about Bitcoin
💡 What is Bitcoin simply explained?
Bitcoin (BTC) is a digital and decentralized currency based on blockchain technology. This is the pioneer among cryptocurrencies. Bitcoin can also be considered the most well-known and successful digital currency in the world.
👍 What are the benefits of Bitcoin?
Bitcoin is an interesting alternative when classic markets weaken. A particular advantage is also the flexible applicability of the currency as a global means of payment, as transactions can be carried out quickly and cheaply. Deflation in real currencies is mainly strengthening bitcoin demand.
🏛 Where can you buy serious Bitcoins?
There are a variety of reputable platforms where you can buy bitcoins. Another option is to buy via a bitcoin exchange. In contrast to the marketplaces, trading takes place automatically here.
👝 Where to store the Bitcoins?
Bitcoins are to be transferred to a private wallet. This is a kind of digital wallet. For example, there are online wallets or hardware wallets.